Prince Alwaleed buys 2.3% stake in Snapchat

08/08/2018 Argaam

 

Saudi businessman Prince Alwaleed Bin Talal on Tuesday said he has purchased 2.3 percent of Snapchat for SAR 950 million ($250 million).

 

The investment, which was finalized in May, at a cost of $11 a share, makes Prince Alwaleed a “significant individual shareholder in this social media company,” the businessman said in a statement.

 

“Snapchat is one of the most innovative social media platforms in the world and we believe it has only just begun to scratch the surface of its true potential and we are blessed to be part of it,” he said.

 

The prince had met Evan Spiegel, CEO, Snapchat in 2015, during his visit to Riyadh.

 

Separately, Kingdom Holding Company, which is chaired by Prince Alwaleed, has purchased stakes Lyft and Careem, JD.com, Twitter and Deezer, the statement added.

 

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.